Tend to agree - another daily view showing a gap up to an inverted hammer candlestick with Stochastic 12/3/3 showing overbought, looks a bit like a potential short term reversal. Note previous overbought conditions show bearish reversal tendency.
However these patterns need confirmation so will need to see how it plays out tomorrow. The upward move does have a fair bit of momentum so it could still power ahead.
There is strong resistance at 71.5 with a small false break yesterday. My best guess is a pullback to the 71.5 cent level to form support which would be a very positive outcome by forming a new platform for the next push up. If it keeps powering up without a pause from here it could be priming for a more substantial pullback maybe next week.
Daily COB Thursday 23rd
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TA discussion, page-56
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